Taxpayers should start gathering and organizing records as their first step for tax preparation and filing their 2024 federal tax return. They need all year-end income documents to help ensure they file a complete and accurate 2024 federal tax return and avoid refund delays. The Get...
Question: Do we need to tell employees when employment laws change? Answer: Possibly. As their employer, you need to stay up to date on legal changes that affect your organization. Plus your leadership team, managers, human resources, and payroll departments should be kept aware of any new...
A minister’s housing (or parsonage) allowance under IRC 107 is excludable from gross income only to the extent it is used to rent or otherwise provide a bona fide “home”—that is, a dwelling place complete with the usual amenities (such as furnishings and, for example, a...
Question: How Can I see an audit of who edited a specific timecard? Answer: It is possible to see edits that were made to a timecard, ranging from the type of edit it was to the login that performed the edit. Open the employee...
Question: An employee worked unauthorized overtime. Do we have to pay them time and a half for these hours? Answer: Yes. Any overtime worked by nonexempt employees must be compensated, regardless of whether the overtime was authorized. We recommend communicating with the employee about work...
WASHINGTON The IRS encourages taxpayers to use the IRS Tax Withholding Estimator to ensure they’re withholding the correct amount of tax from their pay in 2025. This digital tool provides workers, self-employed individuals and retirees with wage income a user-friendly resource to effectively adjust the amount of...
Managing remote employees can be a challenge, but here are some best practices we recommend to make sure they remain critical and productive members of your team: Set measurable goals. Whether employees get their work done to your satisfaction is more important than whether they’re...
Yes, but keep in mind monetary gifts to employees are subject to special rules. Two main issues must be addressed: (1) whether the gift will create excessive compensation, and (2) whether the gifts given by individual(s) will be tax-deductible. It's wise to engage a compensation...
Question: What should we include in an attendance policy? Answer: Generally, an attendance policy should outline your attendance expectations, the procedures your employees should follow if they’re going to be late or absent, and the consequences when your policy isn’t followed. Your expectations should include how you...
Becoming an S corp provides you with added liability protection and advantageous tax benefits. However, these advantages come with certain requirements. Besides compliance rules about domestic ownership and share maximums, you must also make sure to pay yourself a salary. To make paying a salary...